USDCAD LONG SETUP
Today, after the 4th bounce on the daily trend line (red), we have seen a 70 pips retracement and the M.A's have just crossed down so i think it will keep going down.
If the price continue downside and touches the weekly ascending trend line (black), i think it could go up and try to reach at least the weekly supp at 1.32 as a short term goal. Buy limit order at 1.313, 67 pips take profit, 30 pips stop loss.
A long term goal could be the blue rectangle zone above the daily trendline.
If the price keeps going down after touching the black trendline, i think it will go to reach the last bounce in that trendline at 1.307 (blue)
If the price continue downside and touches the weekly ascending trend line (black), i think it could go up and try to reach at least the weekly supp at 1.32 as a short term goal. Buy limit order at 1.313, 67 pips take profit, 30 pips stop loss.
A long term goal could be the blue rectangle zone above the daily trendline.
If the price keeps going down after touching the black trendline, i think it will go to reach the last bounce in that trendline at 1.307 (blue)
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